BENGALURU: Global funds recommended trimming bonds and keeping equity allocations on hold at a seven-month low this month even with world stocks on a tear, a Reuters poll showed on Friday. Asset managers were almost evenly split on whether this year's lows for key indexes would be revisited, in contrast to a Reuters poll of market strategists published on Thursday which showed most on the sell-side don't expect that to happen. After the March mayhem -- driven by fears the global economy would plummet into recession due to the coronavirus, which has infected over 5.8 million people -- global stocks have rallied on hopes unparalleled global stimulus would drive a strong and quick V-shaped recovery. But fund managers and economists have consistently said the recovery would be either U-shaped, with a prolonged trough, or like a tick mark where the rebound is not as powerful or as fast as the initial drop. The May 12-28 Reuters poll of 35 fund managers and chief investment officers in … [Read more...] about Funds recommend keeping equity allocations on hold at 7-month low: Poll

Mumbai: Equity offerings involving Reliance Industries and its group units have topped the share sale chart across all listed companies globally so far in 2020. According to a study of Bloomberg data and company announcements of all equity offerings, the Mukesh Ambani-controlled conglomerate has mopped up $18.4 billion through this route. The other companies in demand have been US-based money manager Blackrock, in which shares worth $13.3 billion changed hands, and Regeneron Pharmaceuticals, in which stake worth $11 billion was picked up. Other companies whose big chunks of shares have found takers include Singapore Airlines, Brazil’s Petrobras and US-based Southwest Airlines. The highest equity offering in a year was from Saudi Arabia’s oil giant Aramco, which raised about $29.4 billion last December through initial public offering, beating previous record of Alibaba Group Holding’s $25 billion in 2014. Reliance Industries has announced a flurry of share sales as … [Read more...] about At $18.4 billion, RIL tops global share sale chart this year

Shares of Hindustan Petroleum Corporation Ltd. gained 3.58 per cent to Rs 192.65 in Friday's trade as of 10:21AM (IST). The stock hit a high price of Rs 193.0 and low of Rs 183.95 during the session. The return on equity (ROE) for the stock stood at 22.0 per cent. Traded volume on the counter stood at 10:21AM shares and turnover at Rs 2.99 crore around that time. The stock of Hindustan Petroleum Corporation Ltd. quoted a 52-week high and 52-week low prices of Rs 333.45 and Rs 155.0, respectively. The Beta value of the counter, which measures its volatility in relation to the broader market, stood at 1.6. Promotor/FII Holding Promoters held 51.11 per cent stake in the company as of 31-Mar-2020, while foreign investors held 17.72 per cent and domestic institutional investors had 14.91 per cent. Key Financials The company reported consolidated sales of Rs 70518.09 crore for the quarter ended 31-Dec-2019, up 16.25 per cent from previous quarter's Rs 60661.77 crore and up 1.92 … [Read more...] about Share price of Hindustan Petroleum Corporation Ltd. rises as Nifty weakens

HDFC Securities has downgraded Aditya Birla Fashion & Retail to add from buy with a target price of Rs 120, based on 23 times FY22 EV/EBITDA. According to the brokerage, the company delivered a reasonable FY20 (pre-Covid) normalized revenue/EBITDA growth of 12/15 per cent to Rs 90.8/7.1 billion respectively as both Madura and Pantaloons performed well. Rep. Revenue/Adjusted EBITDA, however grew 7.7 per cent/declined 16 per cent year on year to Rs 87.4/4.7 billion respectively. as the lockdown disrupted demand in March 2020. For the fourth quarter, revenue declined 5 per cent to Rs 18.2 billion against the brokerage estimate of Rs 17.63 billion). However, margins disappointed at -3.1 per cent vs the brokerage estimate of -1 per cent). In the earnings call, the management said that the first 11 months of FY20 were going in line with the company’s plans leading to an almost perfect year. It was only with the advent of Covid-19 that led to an economic standstill negatively … [Read more...] about Add Aditya Birla Fashion & Retail, target price Rs 120: HDFC Securities